KNOXVILLE, Tenn. — The State Building Commission has approved the sale of the University of Tennessee's former president's residence for $2 million.
The Knoxville News Sentinel reports that the board's executive subcommittee accepted the offer on Monday in Nashville without much discussion on the matter.
The executive and compensation committee of UT's Board of Trustees voted to accept the offer earlier this month from Magnolia Trust, which includes Knoxville businessman Joe Fielden and members of his family.
The 11,000-square-foot residence sits on three acres on Fort Loudoun Lake with a tennis court and a boat house. The university has been trying to sell the residence for five years.
The State Building Commission had to approve the sale because it is below the building's appraised value of up to $2.5 million.
UT Chief Financial Officer Charles "Butch" Peccolo has said the buyers plan to invest a "substantial amount of money" to renovate the property for residential use.
"It's a lovely home and we look forward to the project of working on it," said Ruth Fielden, the wife of Joe Fielden.
The contract for purchase says UT will not make any improvements or changes to the home if an inspection reveals problems, but it would allow the buyers to back out if a major issue is found.
"I'm delighted for the state and for the university of Tennessee for making this decision," Realtor Jim Ford said. "It's a win-win for the buyer and the seller."
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